Leeds Building Society increases interest rate to attractive 4.5% | Personal Finance | Finance

Profit can be applied to the account on the anniversary of opening, or monthly and on maturity from a minimum deposit of £1,000. However, withdrawals are also not permitted.

However, while savings are being offered some of the highest rates of interest seen in decades, there are currently no accounts that beat the UK’s current 10.1 percent inflation rate.

And even though the Base Rate remains at a 33-year high, the impact it’s having on regular savings accounts isn’t as notable as some may think.

While the UK Base Rate has more than doubled from 1.25 percent to three percent, the best-paying instant access account has only risen from 2.25 percent to 2.5 percent.